February 2010 Archives

It is great to see that an additional R12.2 billion will be spent on child support grants, and an extra R15.1 billion for teachers (that could be nine or twelve zeros for a billion - nine I presume) but what does that mean to me and you.  R12.2 billion sounds much better than an in increase of 4.17% or R10 per month for each child support grant - not even keeping up with inflation!

• Personal income tax relief for individuals amounting to R6.5bn.This partially compensates for inflation.
• Limited voluntary disclosure option for taxpayers in default
• Exchange control reforms proposed
• Interest-income exemption increased to R22 300 per year and to R32 000 for those over 65
• Standard Income Tax on Employees (SITE) system to be discontinued
• Congestion, pollution and landfill taxes considered
• Niggles remain for proposed dividend tax National Health Insurance scheme delayed for about five years
• "Tips for Pravin" to continue, using Facebook and other new forms of media
• Gambling winnings being exempt from personal income tax to be reviewed - impacts on casino, online gambling and lotto winners
• Wage subsidy for young people
• Clamp down on company car fringe benefits 

For a more detailed look at the highlights of this years budget click here (pdf file 118kb)